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2020 (2) TMI 52 - Tri - Insolvency and BankruptcyPermission for withdrawal of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - debt and default due or not - HELD THAT:- Since the Company Petition is not yet admitted by the Adjudicating Authority, and the parities themselves have settled the issue, we are inclined to permit the Petitioner to withdraw the instant Company Petition with a liberty to file fresh Company Petition in case the Corporate Debtor failed to comply with the terms and conditions of the payment as mentioned in the said Joint Memo Settlement Terms dated 27.11.2019. Petition disposed of as withdrawn by directing the Corporate Debtor to strictly adhere to the terms and conditions as mentioned in the said Joint Settlement Terms dated 27.11.2019 without fail failing which the Petitioner is at liberty to file fresh Company Petition in accordance with law.
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